Rankings have become increasingly popular on various markets, e.g. the market for study programs. We analyze their welfare implications. Consumers have to choose between two goods of unknown quality with exogenous presence or absence of an unbiased informative ranking. The existence of the...

Rankings have become increasingly popular on various markets, e.g. the market for study programs. We analyze their welfare implications. Consumers have to choose between two goods of unknown quality with exogenous presence or absence of an unbiased informative ranking. The existence of the...

Durability is the pivotal component of durable goods. Durability not only induces demand dynamics through the change in the stock of products, but also affect the product choice of consumers. Furthermore, durability of products affect the long-run profits of firms.This paper specifies a dynamic...